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IPO Results December 2022

February 28, 2023 5:00 pm
Published by: David Richardson

The IPO market took a severe hit in the year 2022. Only 181 companies pushed through with their initial public offerings. That’s 82.5% lower compared to the record-high of 1035 IPOs in 2021.

This lackluster performance comes as no surprise. With global instability, unpredictable inflation, and valuation pullbacks, you can expect most businesses to wait for a more favorable market.

Although, there are still companies who choose to go public despite current conditions. Let’s check out some of the IPO results of December 2022.

Adamas One Corp

Adamas One Corp manufactures lab-grown diamonds for gemstone and industrial uses. The production process employs pioneering technologies. Some technologies are patented and owned by the acquired company Apollo Diamond.

Adamas hired underwriters when it went public on December 9, 2022. It listed 2.45 million shares of common stock on the Nasdaq Capital Market with the ticker symbol “JEWL.”

Six days after listing, the company closed off its initial offering priced at $4.50 per share. This IPO accumulated gross proceeds amounting to $11,025,000.

Once the company takes out the offering expenses, underwriting commissions, and discounts, the net amount will serve as working capital for R&D and operating expenses. That also means paying off debts and capital expenditures.

Erayak Power Solution Group Inc

Erayak Power Solution Group is an innovator in the mobile power supply industry. It manufactures, designs, and exports products. Some of these items include inverters, generators, batteries, chargers, and other custom products.

To better cater to the global market, the company has headquarters in China and is present in Poland, France, Germany, and Mexico.

On the 14th of December 2022, Erayak listed its IPO on Nasdaq with the ticker symbol “RAYA.” It offered 3 million class A ordinary shares priced at $4.00 per share. The offering closed off immediately on December 17, with $12 million in gross proceeds.

Lipella Pharmaceuticals Inc

Lipella Pharmaceuticals Inc. is a biotechnology company based in Pittsburgh, Pennsylvania. It develops drugs focused on helping cancer survivors.

Lipella’s strategy is to reformulate existing generic drugs for potential patent solutions. The pipeline also includes clinical trials to evaluate the efficacy and safety of drug candidates.

Lipella debuted on the public market on December 20, 2022, through Nasdaq under the ticker symbol “LIPO.” It offered 1,217,391 common stocks for a share price of $5.75.

Just two days after listing, the offering closed off with $7 million in gross proceeds.

AlphaVest Acquisition Corp

AlphaVest Acquisition Corp is a special-purpose acquisition company incorporated in 2022. Although based in New York City, it targets businesses across Asia.

Before going public, AlphaVest announced its decision to trade 6 million units for $10.00 per share. Its ticker symbol on the Nasdaq Market is “ATMVU.”

However, underwriters exercised their over-allotment option for an additional 900,000 units. As a result, total proceeds amounted to $69 million upon closing.

Part of the offering is one ordinary share and one right for each unit purchased. Each right entitles the holder to a tenth of one ordinary share upon completion of the initial business combination.

Horizon Space Acquisition I Corp

Horizon Space Acquisition I Corp (HSAIC) is a blank check company based in New York. It operates to effect mergers, stock exchanges, asset acquisitions, and other business combinations.

Nasdaq-listed HSAIC went public in December 2022 with the ticker symbol “HSPOU.” With target gross proceeds of $69 million, it offered 6.9 million shares for $10.00 per unit.

Each unit also comes with one ordinary share and a full redeemable warrant. That entitles the holder to receive a tenth of one ordinary share, provided the company completes its initial business combination.

So, each full warrant entitles a stockholder to buy one ordinary share priced at $11.50 per unit.

Coya Therapeutics, Inc

Texas-based Coya Therapeutics, Inc. is a biotechnology company. It develops therapies to improve the functionality of regulatory T cells for enhanced immune response.

On December 29, 2022, Coya began trading common stock shares on Nasdaq with the ticker symbol “COYA.”

The IPO of 3.05 million units sold for $5.00 per share. On top of that, every two shares bought enables an investor to purchase a warrant for $7.50 per share.

Gross proceeds worth $15.25 million less expenses, discounts, and commissions will fund general corporate needs. A portion will support clinical trials to move the selection process for viable technology.

AlphaTime Acquisition Corp

On the 30th of December 2022, AlphaTime Acquisition Corp listed on the Nasdaq Stock Market with the ticker symbol “ATMCU.” The blank check company was incorporated in the Cayman Islands.

For its IPO, AlphaTime sold off 6 million stocks for a unit price of $10.00. Every purchased unit comes with one ordinary share and one redeemable warrant.

That setup makes the investor eligible to purchase one ordinary share for $11.50 per unit. Even better, the holder is entitled to a tenth of an ordinary share after fulfillment of an initial business combination.

AlphaTime closed off the IPO on January 5, 2023, and made $60 million in gross proceeds.

What Happened to the IPOs that Listed in December 2022

The fate of companies going public is difficult to predict.

At present, the current stock prices of four out of the seven companies on our list are lower than the IPO price. The rest, though, are higher but only by a small margin.

Still, there’s no sure way to tell how the shares will perform in the long run. Just to give you an idea, here are statistics gathered from Nasdaq you may want to check out:

Company

52-Week Range

Closing Price (High/Low)

December 2022

Closing Price (High/Low)

January 2023

Closing Price (High/Low)

February 2023

Adamas One Corp

$1.45–$11.94

$4.75/$3.05

$3.51/$2.20

$2.15/$1.49

Erayak Power Solution Group Inc.

$1.72–$3.8864

$3.57/$1.83

$2.70/$2.07

$3.33/$2.67

Lipella Pharmaceuticals Inc.

$2.31–$7.72

$4.71/$3.06

$3.67/$2.39

$3.01/$2.36

AlphaVest Acquisition Corp

$10.10-$10.28

No data

$10.17/$10.07

$10.145/$10.14

Horizon Space Acquisition I Corp

$10.05–$10.80

$10.10/$10.07

$10.30/$10.08

$10.41/$10.18

Coya Therapeutics, Inc

$3.685–$5.67

$4.63/$4.57

$5.02/$4.38

$4.39/$3.82

AlphaTime Acquisition Corp

$10.08–$10.94

$10.11/$10.11

$10.31/$10.11

$10.48/$10.3

Conclusion

The number of IPOs listed in December 2022 shows a complete turn-around from 2021’s record-breaking high. That’s quite understandable, considering the volatility of the market.

As for the seven companies on our list, they face the uncertainty of fluctuating prices. Current share prices for 3 IPOs remain higher than the offering price, while the rest don’t share the same luck.

The information in this article is well-researched and factual. Still, it contains opinions also, and IT IS NOT FINANCIAL ADVICE and should not be interpreted as such, do not make any financial decisions based on the information in this article; we are not financial advisors. We are journalists. You should always consult with a professional before making any investment decisions. We hold no stock or interests in any of the Companies discussed on this website/app.

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